TRANSFORMING CUSTOMER PAIN-POINTS INTO INNVOVATION. Sai Narayan Group Vice President & Head of Marketing PolicyBazaar.com and Paisabazaar.

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1 TRANSFORMING CUSTOMER PAIN-POINTS INTO INNVOVATION Sai Narayan Group Vice President & Head of Marketing PolicyBazaar.com and Paisabazaar.com

2 NEED Business, as we know it, have evolved out of the need to serve other people more effectively. If a business fails at solving business problems, it won t remain profitable in the longer term. CHALLENGE The complexity in identifying and solving pain points is a major issue for businesses today. The customer journey is changing. Buying journeys are more self-directed, diverse and influenced by peer information than in the past. 2

3 TODAY, the sum of experiences by consumers can lift word of mouth and improve the efficiency of marketing spend or Can do the opposite increase customer churn, diminish reputation and threaten brand health and marketing outcomes!! 3

4 The need for a platform like PAISABAZAAR was identified through consumer experience Consumers come to our platform to get relief from the pain of identifying the right financial product from the vast marketplace. They come to us to get what they want, find comfort, and a reduction in their pain. We stay aware of all consumer pain points and solve them, not through hastily created business patches, but through continuous pain point analysis, where solutions can be created not only to retain old customers, but also attract new ones. 4

5 100 billion - size of India s personal loan market > 3 million people apply for a loan every month 2-3 weeks average processing time of an offline loan ~65% loan applications rejected by Banks / NBFCs 1% penetration of organized credit products in India 3.4% penetration of insurance products in India 7.5% of India s adult population have a Credit Card 70% of India underserved by financial institutions 5

6 Innovation moves from more than just new product or service development, to process, structure, capability and speed At PAISABAZAAR THE WHY Everything we do, we challenge the status quo & think differently THE HOW- We make, design and promote products that are user friendly THE WHAT- We just happen to provide great financial services, tools and products!! 6

7 Policybazaar Group India s largest marketplace for lending products ~ 60X Growth in 44 months ~8.5 Lakh+ Enquiries per month 75 + Partnerships with Banks/NBFCs/AMCs 300+ Products offered Loans: INR ~ 300 Cr Disbursed monthly Loans disbursed to 250+ cities & towns every month Credit Cards: 85K+ apps monthly 7

8 Information unavailability Hard to compare features and prices Lack of transparency, fairness No Proactive communication on negatives Lack of assistance Low comfort & reliance on intermediary players Delays & intensive paperwork Highly offline & time-consuming process 8

9 Ease of credit access Ease of comparison Convenience to choose Paperless processes Instant approval End-to-end assistance 9

10 I needed an immediate personal loan as my mother had to go through an urgent medical procedure. I applied with 2-3 banks, but was turned down due to a poor credit score. - Mahesh Tirkey, 41, Delhi We began converting customer problems into innovations Less than 1% Indians are aware of their credit score 10

11 Free Credit Score with monthly updates: Customized loans and cards offers Track and build credit score Detect errors and frauds 11

12 Helping customers find the right lender and the right price 12

13 Credit score simplified for >2.1mn customers Highly engaged customer base with 70% returning customers 100+ datapoints to determine best offer to help customers save 13

14 Extending innovation to insurance products as well 14

15 I stay in Dewas, near Indore. I want to renew my car insurance but have been waiting for the insurer s inspection officer to visit me for the last 10 days. Takes 2-5 days Longer for rural/semiurban residents Costly & timeconsuming Physical inspection for motor insurance renewal 15

16 1 Take a 360 degree video of your vehicle from your phone 2 Upload it on the Policybazaar app/website with other docs 3 Get instant quotes and apply 4 Get your motor policy online in 4 hours 16

17 Needs Loan Instant transfer Compares online E-Application form Instant Online E-KYC verification E-Signs offer Approval < 1 hour Zero paperwork Instant Processing Wide choice Customized products 17

18 Customized ( n=1 ) products Every financial service accessible on our mobiles Financial account opening faster than we make Maggi Transaction costs lower by ~60% 18

19 Thank you 19